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NEW QUESTION: 1
組織には、地域全体のさまざまな支店に商品を供給する多数のベンダーがあります。従業員が署名した行動規範の声明は、従業員またはその家族が組織に商品を販売しないことを指定しています。しかし、支店の内部監査中に、内部監査人は、一部の従業員が行動規範に反して組織に商品を供給しているのではないかと疑っていました。最高監査責任者は、潜在的な従業員ベンダーを特定するために徹底的なレビューを完了することを要求しました。
以下のテストのうち、[リストA]と[リストB]を比較することはほとんど役に立ちません。
【リストA】
【リストB】
A. ベンダーの銀行口座番号
従業員の銀行口座番号
B. ベンダーへの支払い日
従業員への給与支払いの日付
C. ベンダーデータベースからのベンダーのアドレス
従業員データベースからの従業員のアドレス
D. ベンダー名
従業員名
Answer: B

NEW QUESTION: 2

A. 0
B. 1
C. 2
D. 3
Answer: A

NEW QUESTION: 3
Delicious Candy Company (Delicious) is a leading manufacturer and distributor of quality confectionery products throughout Europe and Mexico. Delicious is a publicly-traded firm located in Italy and has been in business over 60 years.
Caleb Scott, an equity analyst with a large pension fund, has been asked to complete a comprehensive analysis of Delicious in order to evaluate the possibility of a future investment.
Scott compiles the selected financial data found in Exhibit 1 and learns that Delicious owns a 30% equity interest in a supplier located in the United States. Delicious uses the equity method to account for its investment in the U.S. associate.

Scott reads the Delicious's revenue recognition footnote found in Exhibit 2.
Exhibit 2: Revenue Recognition Footnote
__________________________________________________________________________________ in millions__________________________________________________________________________ Revenue is recognized, net of returns and allowances, when the goods are shipped to customers and collectability is assured. Several customers remit payment before delivery in order to receive additional discounts. Delicious reports these amounts as unearned revenue until the goods are shipped. Unearned revenue was €7,201 at the end of 2009 and €5,514 at the end of 2008.
Delicious operates two geographic segments: Europe and Mexico. Selected financial information for each segment is found in Exhibit 3.

At the beginning of 2009, Delicious entered into an operating lease for manufacturing equipment. At inception, the present value of the lease payments, discounted at an interest rate of 10%, was 6300 million. The lease term is six years and the annual payment is 669 million. Similar equipment owned by Delicious is depreciated using the straight-line method and no residual values are assumed.
Scott gathers the information in Exhibit 4 to determine the implied "stand-alone" value of Delicious without regard to the value of its U.S. associate.

Using the data found in Exhibit 1 and Exhibit 4, Delicious's implied P/E multiple without regard to its U.S.
associate is closest to:
A. 15.1.
B. 14.8.
C. 14.0.
Answer: B
Explanation:
Explanation/Reference:
Explanation:
Delicious's implied value without its U.S. associate is €90,736 [€97,525 Delicious market cap - €6,739 pro- rata share of associates market cap ($32,330 x 30% x €0.70 current exchange rate)].
Delicious's net income without associate is €6,147 (€6,501 net income - €354 pro-rata share of income from associate).
Implied P/E = 14.8 (€90,736 Delicious implied value without associate / €6,147 Delicious net income without associate). (Study Session 7, LOS 26.e)